Posted on 02/18/2023 7:22:50 AM PST by SaxxonWoods
Question: I was a victim of FOMO during the housing market craziness and bought a house for $200,000 over the asking price. Now house prices are coming back to reality, and I feel like I lost my hard-earned money. I don’t know what to do as I am living with constant stress thinking that I made a big financial mistake, and I’m not sure if I should consult a financing adviser for better decision-making and long-term investment planning.
My wife and I are in our 30s and are working in the Bay Area and making about $320,000 combined yearly. We live an average life and watch every dollar that we spend.
(Excerpt) Read more at marketwatch.com ...
They also probably bought new cars every few years.
FO·MO
/fōmō/
noun INFORMAL
anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media.
“I realized I was a lifelong sufferer of FOMO”
Who knew....
Daddy always quoted “if it sounds too good to be true probably is...”
Before buying something, it’s best to weigh the pros and cons to decide whether it is something you really need or if next month you would realize it wasn’t really necessary at all. A lot of times the best solution is just to put off the purchase and wait a week or more to see if you still feel the same.
To purchase a house due to “fear of missing out” is about the most ignorant reason of all to commit yourself to such a financial obligation.
My son works for that family now!
1. YOU DO NOT LIVE AN “AVERAGE” LIFE
YOU ARE DELUSIONAL
You would NEVER make such a decision if you did live ‘average’.
Most of us have absolutely NO SYMPATHY for such a grandiose mistake in your purchase.
I NEVER made more than $20 an hour in my entire life-—and I OWN my 5+++ acres with house/garage/ & other improvements.
Bought my first house when making about $6 an hour & had a payment if $1 a month more than the 2nd floor unfurnished apartment I moved from.
Bought 2nd house in 1989-—a foreclosure. Cleaned it up & sold it 16 years later with enough NON-TAXABLE profit to buy this property FREE & CLEAR.
YOU ARE A GIGANTIC DUMB ASS
Friend of mine’s Uncle bought a house on the hill leading into Point Loma in San Diego which was a Navy facility. He bought it early 50s I think he might have paid maybe 10k and its worth was estimated like 2 million at one point in the late 90’s and it was just a bungalow.
That’s what prop 13 was all about. Home owners who were older we’re being taxed out of there residences they had been living in for decades.
First-—I would recommend a full IQ test for both of them.
I think the rabbits living under the pallets under my hay stack are smarter-—THEY have free rent & a safe place from the coyotes.
I can only imagine what the house is like too. Based on the info he gave, it was a $650,000 to $700,000 mortgage. So if he paid 200k over a $450,000 asking price in that market the house is probably...tiny.
With an entire generation that has NO IMPULSE CONTROL-—IT IS DIFFICULT
ALSO-—THE “EXTRA” $200,000 is costing them an extra $2500 in property taxes in Calif.
Thanks for clearing that up!
“just to put off the purchase and wait a week or more to see if you still feel the same.”
In times of “hot” real estate markets there is no “week or more” or you lose the deal.
That is why your post is critical—potential buyers should not be buying in such markets.
These are the people who are snatching up every single house for a hundred or two over asking with cash.
This same type of couple are buying up everything and still making the same money working remote. One of the worst parts of the pandemic was remote work.
I’d live under a bridge in Florida before I’d live in a mansion in Kalifornia.
Keep electing democrats you will be fine
Greed is Good, in the movies.
Rule of the Farm..............
suck it loser, you F’d up because you are greedy. It will all work out over the next 15 years or so.
Where’s my tiny violin?
But by the sounds of these nitwits, I don’t think they should infect another state...
I was thinking they'd be happier in Venezuela.
It’s California. The prices will recover.
Likely in 5 years or less the house will be worth more than owed
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